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Updated Dec. 4, 2000 11:36 a.m. ET

Australia's Dairy Farmers Rejects National Foods Bid

National Foods most advanced attempt to deal itself into Australian dairy industry reorganization has turned sour, with one of the country's largest dairy concerns knocking back a 793 million Australian dollar (US$432.11 million) takeover proposal after a six-month courtship. The board of Australian Cooperative Foods, which is also known as Dairy Farmers, rejected National Foods' proposal as it involved its farmer owners relinquishing control over processing assets, said National Foods. The decision leaves National Foods with some uncertainty as other industry...